Century 21 Accounting General Journal
11th Edition
ISBN: 9781337680059
Author: Gilbertson
Publisher: Cengage
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- What types of accounts are increased with a debit?arrow_forwardWhat is the impact on the accounting equation when an accounts receivable is collected? A. both sides increase B. both sides decrease C. only the Asset side changes D. the total of neither side changesarrow_forwardIn the revenue cycle, the most significant accounts typically include revenue and accounts receivable. (T/F)arrow_forward
- Will an accounts receivable balance increase with a debit or a credit entry? How do you know?arrow_forwardWhat types of accounts are increased with a credit?arrow_forwardWhich of the following accounts is increased by a debit? A. Common Stock B. Accounts Payable C. Supplies D. Service Revenuearrow_forward
- What do the terms debit and credit mean?arrow_forwardWhich of the following pairs of accounts are impacted the same with debits and credits? A. Cash and Unearned Service Revenue B. Electricity Expense and Office Supplies C. Accounts Receivable and Accounts Payable D. Buildings and Common Stockarrow_forwardWhich of the following pairs increase with credit entries? A. supplies and retained earnings B. rent expense and unearned revenue C. prepaid rent and common stock D. unearned service revenue and accounts payablearrow_forward
- Which of these accounts commonly requires both debit and credit entries? A. Sales Revenue B. Utilities Expense C. Accounts Receivable D. Common Stockarrow_forwardWhen fees are earned and the customer promises to pay later, which account is debited? (a) Cash (b) Accounts Receivable (c) Accounts Payable (d) Capitalarrow_forwardExplain how the accounting equation organizes financial information using T-accounts and debits and credits.arrow_forward
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ACCOUNTING BASICS: Debits and Credits Explained; Author: Accounting Stuff;https://www.youtube.com/watch?v=VhwZ9t2b3Zk;License: Standard Youtube License